Accidents account for most damage to private property, for instance, fire, flood etc. Probability of accidents can be reduced but not completely prevented.
Thus the only way to protect your property is taking out insurance, and the best extent it is insured the better.
Insurance is aimed to cover the insured party against losses related with such damage.
How wealthy should a person be to be considered financially
self-reliant? This is a difficult question to answer. Two
people who have the same financial status in life are likely to
disagree on what defines true wealth. Obviously, we can expect
an even grater difference in the opinions of two people of
dissimilar financial status.
How do we define “rich?” Common answers might include: Having at
least a million dollar net worth, being totally debt-free, living
a chosen lifestyle, owning a house and landscaping it or running
a flourishing business, affording to take several trips a year,
buying desired luxuries, and being able to give to charities.
